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Pair Makes Convincing Upside Break

CAD
  • USD/CAD pressing higher still in recent trade, with the pair having made a convincing break higher post-Powell. This puts prices through the bull trigger at the Dec 16 high of 1.3705 and reinforces bullish conditions.
  • Next upside levels to watch are the 1.3808 Nov 23 high and the 2.0% 10-dma envelope of 1.3880. The support to watch lies at the 50-day EMA - it intersects at 1.3486. A clear breach of this average would be seen as a short-term bearish development.

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